The price of GBP/JPY has broken through a significant resistance level at 160.000 as expected from our previous idea, indicating a bullish momentum in the market. The breakout suggests that the buyers have taken control of the market, and the price is likely to continue moving higher.
After the breakout, the price has moved to the next significant structure zone at the 162.000 level. This level has acted as a resistance level in the past, and it is likely to act as a support level for the price in the future.
After reaching the 162.000 level, the price retraced to the 0.786 Fibonacci level. This is a significant retracement level and suggests that the buyers are still in control of the market. If the price holds above this level, it is likely to continue moving higher.
If the price breaks above the structure at the 162.000 level, it may present a long-order opportunity for traders according to the MTB Plancton's strategy rules. A break above this level would confirm the bullish momentum in the market and suggest that the price is likely to continue moving higher. However, traders should wait for a confirmation before entering a long position to avoid false breakouts.
After the breakout, the price has moved to the next significant structure zone at the 162.000 level. This level has acted as a resistance level in the past, and it is likely to act as a support level for the price in the future.
After reaching the 162.000 level, the price retraced to the 0.786 Fibonacci level. This is a significant retracement level and suggests that the buyers are still in control of the market. If the price holds above this level, it is likely to continue moving higher.
If the price breaks above the structure at the 162.000 level, it may present a long-order opportunity for traders according to the MTB Plancton's strategy rules. A break above this level would confirm the bullish momentum in the market and suggest that the price is likely to continue moving higher. However, traders should wait for a confirmation before entering a long position to avoid false breakouts.
Comment:
a free risk trade
Comment:
50% retracement
